Title : National Creditors' Litigation Tribunal (NCLT)
Date : Jan 17, 2022
Topic à Statutory and Non-Statutory Bodies
- The Companies Act of 2013 was used to form the company.
- It hears appeals from the following orders:
- The National Creditors' Litigation Tribunal (NCLT) was established in 2016 under Section 61 of the Insolvency and Bankruptcy Code (IBC).
- Sections 202 and 211 of the Insolvency and Bankruptcy Code (IBC) are used by the Insolvency and Bankruptcy Board of India.
- India's Competition Commission (CCI).
- After consultation with the Chief Justice of India, the President of the Tribunal, as well as the chairperson and judicial members of the Appellate Tribunal, will be chosen.
- The Tribunal Members and Technical Members will be nominated based on the recommendations of a Selection Committee that includes:
- Chairman: Chief Justice of India or his nominee.
- Member: a senior Supreme Court judge or a Chief Justice of the High Court.
- Member of the Ministry of Corporate Affairs' Secretariat.
- Member of the Ministry of Law and Justice's Secretary.
- Member of the Ministry of Finance's Department of Financial Services Secretary.
- Chairperson — Must be or have been a Supreme Court judge or the Chief Justice of the High Court.
- Judicial Member - Is or has been a High Court judge or a judicial member of a tribunal for at least 5 years.
- Technical member– A person of demonstrated skill, honesty, and standing who has at least 25 years of special knowledge and expertise (in specified areas).
- The chairperson and members have a 5-year term of office and can be reappointed for another 5-year term.
Tags : company law, law tribunal